French luxurious group Kering is in superior talks to promote its magnificence division to magnificence group L’Oréal for about $4 billion, the Wall Road Journal reported on Saturday, citing folks conversant in the matter.
L’Oréal would purchase perfume model Creed and acquire rights to develop magnificence merchandise tied to Kering’s trend labels, together with Bottega Veneta, Balenciaga, and McQueen, the Journal reported, including the deal might be introduced subsequent week.
Kering launched its magnificence division in 2023 with the acquisition of high-end perfume label Creed.
Reuters couldn’t instantly confirm the report, whereas Kering declined to remark. L’Oréal didn’t instantly reply to a Reuters request for remark.
By Rajveer Singh Pardesi; Editors: Jan Harvey, Barbara Lewis
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